PhoreMost Secures £33 Million in Series B Funding for Drug Discovery Advancements
PhoreMost, a UK-based biopharmaceutical company, has successfully secured £33 million in an oversubscribed Series B funding round. The company's groundbreaking SITESEEKER platform, designed to target previously "undruggable" disease targets, has garnered significant attention within the industry. This innovative approach has led to the identification and development of novel drugs, particularly in the treatment of various diseases, including cancer.
BGF took the lead in this substantial investment, with additional participation from noteworthy new investors such as XtalPi Inc. and Astellas Venture Management. Notably, existing investors like Parkwalk Advisors and Morningside Ventures also contributed to this round. The infusion of funds will propel PhoreMost's lead asset, an 'Allosteric PLK1' collaboration with Sentinel Oncology, into clinical trials, initially focusing on addressing Glioma.
Beyond this specific collaboration, PhoreMost intends to utilize the funding to advance multiple first-in-class drug discovery programs across diverse therapeutic areas, including oncology and aging-related indications. Dr. Catherine Beech is set to assume the role of Chair of PhoreMost’s Board of Directors, while Dr. Jonathan Milner will continue as a Non-Executive Director. This strategic move aims to leverage their expertise and vision to further drive the company's growth and innovation.
With this substantial financial backing and strategic leadership appointments, PhoreMost is well-positioned to revolutionize drug discovery and make significant advancements within high-value therapeutic domains.
Key Takeaways
- PhoreMost achieves a major milestone with £33 million secured in Series B funding, propelling its drug discovery initiatives.
- The innovative SITESEEKER platform continues to disrupt traditional drug development by identifying novel therapeutic targets, particularly benefiting cancer treatment diversity.
- BGF takes the lead in the investment round, signaling confidence in PhoreMost, alongside enthusiastic participation from new and existing investors.
- PhoreMost's strategic plans encompass the progression of the 'Allosteric PLK1' collaboration into clinical trials in 2022 and the support for various pioneering drug discovery programs in the fields of oncology and aging.
Analysis
The substantial £33 million Series B funding for PhoreMost, led by BGF, is set to accelerate its drug discovery initiatives, particularly within the domains of oncology and aging. The success of the SITESEEKER platform in identifying novel targets has the potential to reshape traditional pharmaceutical approaches, ultimately benefitting patients and stakeholders. The involvement of acclaimed investors like XtalPi and Astellas Venture Management underscores a growing confidence in PhoreMost's cutting-edge potential. The immediate impact of this funding will be evident in driving clinical trials for 'Allosteric PLK1' in Glioma, while positioning PhoreMost to emerge as a frontrunner in addressing 'undruggable' targets, thus potentially reshaping the landscape of cancer treatment. Dr. Catherine Beech's elevation to the role of Chair further emphasizes the company's strategic positioning and potential for exponential growth.
Did You Know?
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SITESEEKER Platform: PhoreMost's proprietary SITESEEKER platform harnesses advanced computational and biological methodologies to identify and cultivate novel drugs for previously "undruggable" disease targets, particularly in the realm of oncology. By leveraging these innovative techniques, the platform aims to uncover therapeutic targets that could potentially transform the landscape of cancer treatment, enhancing its diversity and efficacy.
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Allosteric PLK1: The specific focus of Allosteric PLK1 lies in targeting the Polo-like kinase 1 (PLK1) through PhoreMost's unique drug discovery endeavors. The term "allosteric" in this context signifies the drug's ability to bind to a site on the PLK1 protein other than its active site, thereby altering its functionality. This approach holds significant promise as it allows for the development of drugs capable of modulating PLK1's activity without directly inhibiting its active site, potentially resulting in more effective and resistance-resistant treatments.
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First-in-Class Drug Discovery Programs: These programs entail the development of novel therapeutics that target previously unexplored or underexplored biological mechanisms. Integral to the pharmaceutical industry, these initiatives aim to create medications offering new modes of action, potentially delivering more effective treatments and fulfilling unmet medical needs, especially within domains like oncology and aging.